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UK battery gigafactory company Britishvolt in talks over state funding

The startup last month started work to begin building the battery factory near Blyth in Northumberland

The startup that is building the UK’s first full-scale independent battery ‘gigafactory’ is in talks with the government about getting at least £200mln of funding, according to a report.

, which last month started work building the battery factory on the former Blyth Power Station site in Northumberland, is in advanced talks about securing some much-needed funds, the Financial Times reported.

READ: China’s Envision plans massive expansion at Sunderland gigafactory battery plant

The company has also begun talks with potential customers, the newspaper added, including Vauxhall and Fiat-Chrysler owner Stellantis and UK electric vehicle maker Arrival SA. 

During the summer, Glencore invested an unnamed amount in as part of a US$70mln funding round, with the FTSE 100 commodities giant taking an equity stake and agreeing supply agreements for cobalt and other battery metals that the proposed factory will need if and when it gets up and running.

With over £2bn of cash needed to complete the full construction of the factory, a listing in either London or New York is thought to be under consideration by management, the FT reported previously, perhaps by a special purpose acquisition company (SPAC) transaction which would see the private company merge with a cash-rich listed shell.

was set up by Swedish entrepreneur Lars Carlstrom and Abu Dhabi financier Orral Nadjari with initial funding from 25 private backers from the United Arab Emirates and Scandinavia.

Co-founder and chairman Carlstrom quit last year after it emerged he was convicted for tax fraud in Sweden more than 20 years ago.

Chief executive Nadjari, formerly worked at Swedish bond company Jool Capital Partner, in its Gothenburg and Abu Dhabi offices.

Read More: UK battery gigafactory company Britishvolt in talks over state funding

2021-10-26 02:35:00

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